Pakistani conman 'Double Shah' arrested
Apr 14, 2007 - 3:13:06 PM
Lahore, April 14 - The law has finally caught up with 'Double Shah', a Pakistani conman who promised to double the deposits of his gullible victims within 70 days. He was nabbed in Gujranwala following complaints from depositors.
Syed Sibtul Hassan has for the past many months been running an illegal banking system that drew thousands of depositors from central Punjab.
Hassan was detained on Friday, his bank accounts frozen and his property attached. However, there is no relief in sight for depositors who feel cheated.
They blocked the Grand Trunk Road for several hours in protest and condemned the police action. Police fired teargas-shells and used batons to clear the road.
The minimum deposit Hassan required was Rs.50,000. Its doubling in 70 days meant a mark-up of 43 percent per month, Dawn newspaper said Saturday.
A joint raid by police, National Accountability Bureau and intelligence agencies on Hassan's house revealed around Rs.170 million in local and foreign currency.
Police chief Khadim Hussain Bhatti said that 20 bank accounts of the accused containing Rs.250 million had been frozen. The accused owned six hotels and apartments in Dubai and a fuel station and real estate agencies in Wazirabad.
'His accounts have been frozen. His assets will be sold to make payments to his 3,000 depositors,' the official said, adding that Hassan's property in Dubai would be confiscated with the help of Interpol.
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